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allocation of markets
an illegal division of territories to avoid competition
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antitrust laws
law that prohibits price fixing and tie-in agreements
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caveat emptor
the common law doctrine of let the buyer beware
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commission
a form of compensation computed as a percentage of the total sales price of a property
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salesperson
a person who is licensed only to perform real estate activities on behalf of a broker
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brokerage
the business of bringing parties together
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independent contractor
licensees who work under the terms of a written contract and receive more than 90% of their income from sales production rather than hours worked
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rules and regulations
the device by which a state licensing authority defines and enforces the statutory law
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employee
a salesperson whose activities are closely controlled, and who is entitled to benefits, unemployment compensation, and income tax withhollding
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ready, willing, and able buyer
a person who is prepared to buy on the seller's terms
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real estate broker
an individual who is licensed to buy, sell, exchange, or lease property for others, and to charge a fee for those services
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procuring cause
the broker who starts an uninterrupted chain of events that results in the sale of a property
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group boycotting
a conspiracy by 2 or more businesses against another
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real estate license laws
statutes enacted by state legislatures to protect the public and ensure a standard of competence in the real estate industry
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sole proprietorship
company held by a single owner
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buyer agency agreement
an employment contract where the broker is employed as a purchaser's agent to find a suitable property
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broker protection clause
a part of a listing agreement that stipulates that the property owner will pay the listing broker a commission if the broker was the procuring cause of a sale that is completed after the listing expired
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exclusive-agency listing
a listing agreement with a single broker, under which the seller retains the right to sell the property independently without being obligated to pay a commission
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home warranty program
an optional item in the listing contract that protects the buyer against the expense of certain types of repairs (such as plumbing, electrical, and heating systems) after the sale is completed
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exclusive-right-to-sell listing
a listing agreement under which the seller must pay the broker a commission regardless of who sells the property
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listing agreement
an employment contract for a broker's services for a property seller
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MLS
a marketing organization whose broker members make their own exclusive listing available to other brokers
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net listing
a listing agreement in which the seller receives a specific dollar amount from the sales price, and the selling broker retains the balance as compensation
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hold harmless wording
an item in a listing agreement that states the broker and seller agree not to sue one another for any incorrect information supplied by one to the other
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open listing
a listing agreement in which the seller may employ multiple brokers, retains the right to market the property independently, and is obligated to compensate only the broker who produces a buyer, if any
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condemnation
the process by which the government exercises its right of eminent domain
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defeasible fee
an estate qualified by some action or activity that must or must not be performed
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eminent domain
the right of a government to acquire privately owned real estate for public use
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escheat
the automatic transfer of real property to the state when the owner dies without heirs or a will
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estate in land
the degree, quantity, nature, and extent of an owner's interest in real property
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fee simple absolute
the highest interest in real estate recognized by law
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freehold estates
a class of estates in land that lasts for an indeterminable period of time
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leasehold estates
a class of estates in land for which the length of time can be determined
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police power
a state's ability to enact legislation to preserve order, protect the public health and safety, and promote the general welfare
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taxation
a charge imposed on real estate to raise funding for government services
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deed restriction
a private agreement that affects the use of land
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prior appropriation
the doctrine that the right to use any water, with the exception of limited domestic uses, is held and controlled by the state
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encroachment
all or part of a structure that extends beyond the land of its owner or beyond legal building lines
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encumbrance
any claim, charge, or liability that attaches to real estate
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homestead
a legal life estate in which an individual's primary residence is protected, in whole or in part, against certain creditors
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easement
the right to use another's land for a particular purpose
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life estate
pur autre vie
an estate based on the lifetime of a person other than the life tenant
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lien
a charge against property that provides security for a debt or obligation of the property owner
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right of re-entry
the owner's right to retake possession of property through legal action if a limiting condition is broken
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remainderman
the person to whom property passes when a life estate ends
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tenancy in common
a form of property ownership in which owners hold undivided fractional interests that are inheritable by their heirs
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joint tenancy
the governing body of a cooperative
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partition
a legal method for dissolving a co-ownership
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partnership
an association of 2 or more persons who carry on a business for profit as co-owners
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proprietary lease
the evidence of the right to occupy a unit in a cooperative
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severalty
the ownership of real estate by one individual
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tenancy by the entirety
a special form of co-ownership for married couples
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board of directors
the governing body of a cooperative
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trust
a device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party
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testamentary trust
a form of trust established by will after the owner's death
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assessments
special payments required for condominium unit owners to address specific expenses
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condo fee
recurring fees required of condominium units owners to cover basic maintenance and operations
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corporation
a business organization that is a legal entity managed and operated by a board of directors
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general partnership
a business organization in which all members participate in the operation and management of the business and share full liability for business losses and obligations
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right of survivorship
on the death of a joint tenant, the deceased's interest tranfers directly to the remaining joint tenants
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limited liability company
a business organization that combines the tax advantages of limited partnerships and the limited liability of corporations
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separate property
in a community property state, real or personal property that was owned solely by either spouse prior to marriage, or acquired by inheritance or gift during the marriage
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time-share property
a fee interest in a property that entitles the owner to use the facility for a certain period of time
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time-share use
a contract right under which a developer retains ownership of property and the purchaser receives the right to occupy and use the facilities for a certain period
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